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NZD/USD Classical Technical Report 10.18

NZD/USD Classical Technical Report 10.18

2011-10-18 08:16:00
Joel Kruger, Technical Strategist
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Daily_Classical_NZDUSD_body_nzd2.png, NZD/USD Classical Technical Report 10.18

NZD/USD: Any rallies are classified as corrective, with the market still locked within a well defined downtrend. As such, we would expect to see the current bounce well capped below 0.8100 on a daily close basis in favor of the next major downside extension back towards and eventually below 0.7465. Ultimately, only a daily close back above 0.8200 would delay outlook and give reason for pause. Monday’s strong bearish reversal day reinforces outlook with the market potentially carving the next lower top by 0.8070. A daily close back below 0.7900 confirms outlook and should accelerate declines.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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